CHICAGO, May 14, 2024 (GLOBE NEWSWIRE) — President Biden today announced that his administration would triple existing tariffs on Chinese aluminum imports pursuant to Section 301 of the Trade Act of 1974. Today’s action provides a clear and strong response to China’s unfair trade policies and will help to put a stop to China’s continuing build-up of overcapacity and non-market pricing actions.
Jesse Gary, Century’s (NASDAQ: CENX) President and Chief Executive Officer, who attended the White House event announcing the move, praised the President’s action: “Today’s actions are critical for the U.S. aluminum industry. President Biden’s decisive leadership on Sec. 301 tariffs and to invest in the resurgence of U.S. manufacturing, shows this Administration’s commitment to U.S. primary aluminum production.”
“Thanks to the President’s leadership, Century is planning to build a new greenfield facility that will double existing domestic capacity. The smelter would not only be the first new American aluminum smelter in 45 years, but also one of the “greenest” smelters in the world, powered with cutting edge technology and renewable energy. This Administration announced a $500 million grant which will help to facilitate this investment in our future.”
Speaking at the White House event, Mr. Gary said, “From electric vehicles to missiles, aluminum is a key component in most aspects of our modern economy and critical for our defense.” He continued, “For my company, our workers, and others across this country, unfair trade is something that is very real. Today’s announcement creates the climate for business to succeed, investments to be made, jobs to be created, and workers to earn a good wage.”
About Century Aluminum Company
Century Aluminum is an integrated producer of bauxite, alumina, and primary aluminum products. Century is the largest producer of primary aluminum in the United States and also operates production facilities in Iceland, the Netherlands and Jamaica.
Visit www.centuryaluminum.com for more information.
Cautionary Statement
This press release and statements made by Century Aluminum Company management contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to the “safe harbor” created by section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are statements about future events and are based on our current expectations. These forward-looking statements may be identified by the words “believe,” “expect,” “hope,” “target,” “anticipate,” “intend,” “plan,” “seek,” “estimate,” “potential,” “project,” “scheduled,” “forecast” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” or “may” and include statements concerning our plans related to the construction of a new primary aluminum smelter, the capacity of the smelter, the receipt of the related IDP funding, the number of jobs to be created and the location of the new facility.
Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from future results expressed, projected or implied by those forward-looking statements. Important factors that could cause actual results and events to differ from those described in such forward-looking statements can be found in the risk factors and forward-looking statements cautionary language contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and in other filings made with the Securities and Exchange Commission. Although we have attempted to identify those material factors that could cause actual results or events to differ from those described in such forward-looking statements, there may be other factors that could cause actual results or events to differ from those anticipated, estimated or intended. Many of these factors are beyond our ability to control or predict. Given these uncertainties, the reader is cautioned not to place undue reliance on our forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact
Ryan Crawford
312-696-3132
Source: Century Aluminum Company
